Iran, Oman Agree to Open Temporary Joint Shipping Lane in Strait of Hormuz

Iran and Oman have agreed to open a temporary joint maritime lane to restore safe passage through the Strait of Hormuz, where shipping has been restricted by the recent conflict.

A joint statement released by Iran’s Foreign Ministry on August 25 said the two countries discussed a “phased framework” aimed at resuming vessel traffic through the strait. The plan calls for opening a temporary joint shipping lane and clearing mines in the surrounding waters to ensure safe navigation.

The two countries also aim to establish a permanent maritime route. Tasnim News Agency, citing Iranian Deputy Foreign Minister Kazem Gharibabadi, reported that Iran and Oman will hold additional talks within 30 to 60 days to negotiate a new permanent lane. If implemented, the agreement could help revive traffic through the Strait of Hormuz, which has been stalled since a 60-day temporary peace deal between the US and Iran expired in mid-August.

Oil prices fell on the news. As of 3 p.m. in South Korea on August 26, October Brent crude was trading below $87 a barrel, down about 8% this week. October West Texas Intermediate crude was around $81 a barrel.

Kim Mi-ri, Hankyung.com reporter mirimiri@hankyung.com